Business Moves: October 2024

From substantial government investments in critical minerals infrastructure to groundbreaking advancements in sustainable building technology, companies are actively pushing the boundaries of efficiency, environmental responsibility, and expansion. It has been a busy few weeks for the industry.

Notable deals include Giatec’s advancement in AI-powered concrete solutions, Englobe’s strategic acquisition to broaden its services, and Anthem Properties’ pioneering real estate IPO. These updates reflect a dynamic sector, driven by cutting-edge technologies, strategic partnerships, and ambitious infrastructure projects that promise to boost both the economy and sustainable development in Canada. Check out all the business moves below:

Canada has announced up to $60 million in conditional funding through the Critical Minerals Infrastructure Fund (CMIF) to support two significant infrastructure projects in British Columbia’s Golden Triangle and Yukon. One project involves the Galore Creek Mining Corporation’s plan to build a 43-kilometre access road to its copper mine in Tahltan Territory. The second project focuses on pre-feasibility activities for a 765-kilometre high-voltage transmission line network in Yukon.

Concrete technology company Giatec has secured $17.5 million from the Strategic Innovation Fund (SIF) to advance sensor technologies and AI-based software solutions aimed at reducing carbon emissions in the concrete industry. This funding will enhance the Giatec SmartMix digital platform, which optimizes concrete mixes for cost efficiency and lower CO2 emissions. Giatec plans to implement these technologies in the world’s first smart ready-mix concrete plant, featuring automated production equipped with sensors and AI solutions.

Engineering and environmental services firm Englobe Corporation has announced the acquisition of Goodkey, Weedmark & Associates Ltd. (GWAL), an Ottawa-based, employee-owned consulting firm specializing in mechanical and electrical engineering. Following the successful close of this transaction, all 100 GWAL employees and leaders will join the Englobe family.

This transaction represents a major milestone in our company’s history, as it will help us expand our reach from local to national. Our team is delighted to join this highly reputed Canadian firm whose client approach and genuine caring for its people, communities and clients closely reflect our own values.

Frank Bann, P.Eng., Managing Principal at GWAL

CAI Capital Partners has announced the successful closing of CAI Capital Partners VII, L.P. and CAI Capital Partners VII (Sponsor), L.P. (collectively known as CAI Fund VII) at $153 million, surpassing its target of $150 million and previous fund size of $125 million. The fundraising, which began with its first close in June 2023 and concluded in September 2024, attracted over 90 investors, including institutional investors, financial institutions, family offices, and individuals.

We are grateful for the tremendous support we received from our existing limited partners as well as from new investors. Raising capital during this cycle has been challenging, but it is in precisely this type of environment that great funds are built. We are very proud to have exceeded our target under difficult market conditions.

Tracey McVicar, Partner, CAI Capital Partners

Vancouver-based Anthem Properties Group Ltd. is set to launch an initial public offering (IPO) aimed at raising up to $82 million for its Citizen project, a 66-storey mixed-use development in Burnaby’s Metrotown. This offering will complement the $269 million already secured from pre-sales for the project, making it the first real estate IPO of its kind in Canada.

31 construction-related businesses made this year’s list of Fastest Growing Companies in Canada, organized by the Globe & Mail.

Egis has announced a strategic partnership with SvN, a Toronto-based multidisciplinary design firm, to enhance its global Architecture Line, which now includes bespoke brands that provide a wide range of architectural services. This collaboration aims to address the climate emergency by promoting sustainable urban design, complementing the existing offerings of award-winning practices like WW+P, 10 Design, Omrania, and U+A.

Sam The Concrete Man, the largest residential concrete company in North America, recently announced they have expanded their operations into Canada. With the opening of franchises in Vancouver and Toronto, Sam The Concrete Man continues its steady growth. 

Spectra Precision has announced its acquisition of Unicontrol, a machine control technology company that has been active in 27 countries since its founding in 2018. The deal brings Unicontrol into Spectra Precision’s portfolio, alongside Seco and Loadrite, under parent company Precisional LLC. The acquisition aims to enhance construction efficiency through a broader range of machine control solutions.

The Canadian Equipment Dealers Association (CEDA) has approved a merger with the Associated Equipment Distributors (AED), set to be finalized by Nov. 1. CEDA President Beverly J. Leavitt, who will become AED’s Vice President, emphasized that AED’s robust dealer education and industry advocacy were key factors in the decision. The merger will grant CEDA’s 160 members access to AED’s extensive resources, including educational programs, industry reports, and advocacy efforts, while maintaining provincial representation in Ontario. Both organizations see the merger as a strategic alignment to strengthen dealer support across Canada.

Monster Industries and First Nations partner, Kitsumkalum, collectively the Monster Kitsumkalum JV (MKJV) has been awarded a 3-year Brownfield Mechanical Contract with LNG Canada. Working alongside the LNG Canada Team, Members of the MKJV will provide safety oversight, quality control, subcontractor coordination, project management and a variety of skilled mechanical tradespeople to support scopes of work involving mechanical fabrication, mechanical installations, support for emergency repairs and general labour as and when requested.

Slate Asset Management, a global alternative investment platform targeting real assets, announced the firm is accelerating its focus on essential real estate. Slate will continue to invest globally across asset classes and the risk spectrum in real estate that supports the non-discretionary needs of day-to-day life, including grocery, residential, industrial and logistics, and healthcare.

Our decision to sharpen Slate’s focus on the theme of essential real estate will allow us to redeploy capital, expertise, and resources to asset classes within our portfolio that we believe are highly defensive and generate the best risk adjusted returns for our investors

Brady Welch, Co-Founding Partner of Slate

AngloAmerican has sold its Peace River Coal operation in northeast B.C. to Conuma Resources, marking a notable shift in Canada’s coal industry. The mine, which has been inactive since 2014 due to declining coal prices, was AngloAmerican’s only coal asset in Canada. The sale also reflects a commitment to sustainability, as AngloAmerican partnered with Conuma and First Nations to contribute to the Caribou Recovery Project, relinquishing part of the mine to protect wildlife habitat. While the sale price and production timeline remain undisclosed, the deal is expected to boost the local economy and job creation.

Grosvenor is moving forward with Phase 1 of its Brentwood Block master-planned project in Vancouver, partnering in a joint venture with an unnamed Canadian pension fund and Westerkirk Capital Inc. This joint venture completes the capital needed for the $1.5-billion development, which will include 1,730 housing units, a multi-storey community centre, and 200,000 square feet of commercial space.

PCL Construction has signed a multi-year deal with safety intelligence software company HammerTech to help make job sites safer and boost efficiencies across global operations. Built on the premise that efficient and effective workflows are key to robust safety programs, HammerTech’s safety intelligence platform will provide PCL with agility and adaptability to changing processes, enhanced reporting and data management, and greater efficiencies when collecting and analyzing safety documentation.

EnviCore, a Calgary-based sustainable materials technology company, announced the successful closing of its seed funding round, raising $4.2 million. The round was led by prominent industry investors, including CSN Inova Ventures (the corporate venture capital arm of Companhia Siderúrgica Nacional, Brazil’s largest fully integrated steel producer), Heidelberg Materials, Techstars, Hillside Ventures, and Angel Investor Mark and Faye McGregor.

Premier Construction Software, a global leader in financial cloud ERP solutions for the construction industry, announced a strategic partnership withLumber, a modern payroll and workforce management platform.

In today’s fast-moving construction landscape, successful project delivery relies on accurate, real-time data flow and seamless software integration. Partnering with Lumber allows us to build a powerful, well-architected API that drives both efficiency and scalability, ensuring that clients are empowered to make timely, informed decisions across their operations.

Karoline Lapko, CEO of Premier Construction Software

RSG International has announced a new partnership with Mark’s Commercial aimed at providing inclusive personal protective equipment (PPE) to all field employees across its businesses. As part of this initiative, RSG International has been trialling women’s shirts in the Health and Safety department at Powell Contracting, which has achieved accreditation under ISO 45001:2018, the global standard for occupational health and safety.

CDPQ, a global investment group, and Nuveen Green Capital (NGC), a leader in sustainable commercial real estate financing solutions, announced today the launch of a USD 600-million (CAD 830-million) integrated sustainable commercial real estate financing program. This offering combines Commercial Property Assessed Clean Energy (C-PACE) financing and senior bridge and construction financing aimed at the U.S. commercial real estate (CRE) market.

Canada-based AtkinsRéalis Group Inc. is set to work with the UK’s largest listed water company to deliver a major environmental program. United Utilities has appointed three design and development partners (DDP) in a contract worth a potential £90 million for each DDP over 11 years. AtkinsRéalis’ local delivery teams will create detailed designs for schemes across United Utilities’ water and wastewater sites, as well as bio resource and rainwater management projects.

Lafarge Canada and Geocycle Canada, part of Holcim Group, along with Natural Resources Canada, have opened Geocycle’s first low-carbon fuel plant at Lafarge’s Brookfield Cement Plant in Nova Scotia. The $10-million facility, supported by $3.53 million from Canada’s Energy Innovation Program, will divert 14,000 tonnes of waste annually from landfills to produce low-carbon fuel, reducing the plant’s carbon emissions by over 12,000 tonnes per year.